— Combined Peak-to-Average Power Ratio (PAPR) reduction and Phase Noise mitigation in multicarrier systems with multiple transmit and receive antennas is considered. One attractive method for reducing the PAPR is to use clipping and filtering in the digital domain at the transmitter, which results in signal distortion prior to transmission. In addition, phase noise caused by non ideal oscillators, results in interference among the subcarriers. Thus, an appropriate correction method compensating both effects has to be considered at the receiver. However, an ideal maximum likelihood based impairment compensation algorithm is computationally infeasible. In this work a soft correction method is proposed, resulting in a substantial reduction of both impairments. Moreover, an expression of the remaining noise is given, which is essential for advanced equalisation techniques.